‘Of all mortgage applications accepted during the month of July 2008, 29.1 percent were for government-insured loans (consisting of mostly FHA loans) compared to 8.4 percent in July 2007. ‘
Since the mortgage app figure includes refis, then the share of gov guarantees in the non-refi apps will be much large. I think I read somewhere that direct and indirect government support for non-refi apps was over 90%.
